Financial Aid
Several
options for financing your professional education
are available to you. As an undergraduate
you have access to the Health Professions
Scholarship program. Most Health Care professionals will graduate with over
$100,000 of dept.
Thus it is extremely important to make sound financial decisions
when it comes to selecting loan options. You need to be a good consumer
and do your research.
The following summary provides you with some basic information
about available loan programs.
Armed Forces Health Professions Scholarship Program: Stop by the Health Professions office, 308 Memorial Union for program information. Charles E.
Gilbert Loan Program
This program sponsored by the University
of Maine is available only to University of Maine
graduates seeking medical, dental or veterinary
careers. This low
3% no fees
loan is available through our financial aid
office on campus. Repayment is deferrable
during residency. Health
Professions Loan Program
The state of Maine, through FAME,
sponsors a need-based low-interest loan program for Maine residents
attending medical school.
Students enrolled in the Access to Medical Education Program
may be eligible to borrow as much as $20,000 per year.
The maximum loan amount for those not participating in the
"Access" program is $10,000.
One provision of the program allows repayment obligations
to be canceled over a four-year period for recipients who upon graduation
provide primary care in under-served areas of Maine. Maine Medical
Loan
This supplemental loan program is
available through the MES Foundation, www.mesfoundation.com. Interest accrues while in school
and repayment may be deferred during residency.
Maine Medical
Association Loan
This loan
program is available only to MD students. There
are no origination fees and repayment is scaled.
The interest rate during repayment is currently
1% during the first year, 5% during the second
year and 9% for the remaining 8 years. Dental
Education Assistance Loan
One of a
few loan programs available to dentists, this
program has the option to repay interest only for
a two-year deferment period upon completing
dental school. There are origination fees
associated with the program. Maine Dental
Education Loan
This loan is administered by FAME and is
designed to increase access to dental care for
underserved populations in Maine. The
program provides forgivable, need based, dental
education loans to Maine residents attending
dental school. National Health Service Corps Loan Repayment Program:www.bphc.hrsa.dhhs.gov/nhsc/Stafford Loans
This is the same Stafford Loan program
that has been available to you during your
undergraduate years. Many lenders offer
competitive rates; make sure to do your homework.
Taking a little time now may save you thousands
later. Seventy-five percent of current
veterinary students depend on federally
subsidized loans.
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